The Singapore-based cryptocurrency exchange BingX suffered a hacker attack on its hot wallet, resulting in significant fund losses.
Incident Description
According to security analysts from PeckShield, the incident led to an estimated loss of $43 million in cryptocurrencies. Experts reported that most of the stolen funds were transferred in multiple tranches.
Exchange Reaction and Security Measures
Vivien Lin, BingX’s chief product officer, stated that the incident was identified on September 20 at around 4:00 a.m. Singapore time, when the technical team detected unusual network activity, suspecting a hacker attack on the exchange’s hot wallet. Emergency measures were taken, including the suspension of withdrawals and urgent transfer of assets.
Consequences and Recovery Plans
The exchange promised to reopen withdrawals within the next 24 hours and develop a compensation plan for users. The exchange stated that most assets are safe in cold wallets, with only a small portion affected in the hot wallet.
BingX's management stated that the incident is under control, and they are taking necessary measures to prevent such situations in the future.
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